The announcement of Grayscale’s victory in the SEC case has led to a strong surge in the cryptocurrency market. The leading cryptocurrency Bitcoin (BTC) recorded a value increase of over 6%, approaching significant levels of $28,000. In addition to the price surge in BTC, Coinbase shares also saw a rise of over 15%. Following its recent gains, Coinbase Global Inc (COIN) shares started trading at $85.
Grayscale Effect in the Markets
Grayscale’s victory in the SEC case had a significant impact on the markets. The cryptocurrency market experienced a strong surge. Bitcoin (BTC), the leading cryptocurrency, approached the $28,000 price levels significantly with the value increases it recorded within hours. Most altcoins in the cryptocurrency market also saw a rebound during the day. The total market capitalization of the crypto industry rose to $1.11 trillion, according to CoinMarketCap (CMC) data.
The volatility in the cryptocurrency market also increased significantly as BTC rapidly approached the $28,000 price levels. According to Coinglass data, there were approximately $150 million worth of short and long positions liquidated in the cryptocurrency market within the last 24 hours.
Furthermore, there was a striking increase in trading volumes. The total trading volume of the cryptocurrency market in the last 24 hours surpassed $44 billion, with an increase of nearly 90%. With the rise in the cryptocurrency market, Bitcoin Cash (BCH), Stacks (STX), Conflux (CFX), and THORChain (RUNE) also recorded double-digit value increases.
Nearly 15% Rise in Coinbase Shares
During the day, many high-market-cap cryptocurrencies initiated a strong upward movement and gained momentum in their value increases. Moreover, the impact of Grayscale’s legal victory was not limited to the cryptocurrency market alone. The shares of Coinbase, the largest US-based cryptocurrency exchange in terms of trading volumes, also experienced a significant rise.
According to the latest data, Coinbase Global Inc (COIN) shares recorded a rise of over 15%. Following these recent gains, COIN rose from $73 to $85 within hours.
